I sold my small web design business so that I could focus on my startup, Informly.

If you’re providing web design services as a solo freelancer, or are the founder of a web design agency with several employees, selling your business might be the farthest thing from your mind right now.

Web designers who want to make passive income are in a very good situation right now. Most businesses nowadays commit significant resources towards their websites. This means that the demand for web design skills is higher than ever. It also means that there are plenty of opportunities for web designers to create streams of passive income by leveraging their existing skills and experience.

For any freelancer, how much to charge clients is one of the hardest things to get right. If you set the price for your services too low, you could be leaving a lot of money on the table and get stuck working with clients that don’t see the true value of your work.

When it comes to pricing, most of us are either guessing or copying what others are doing.

In freelance work, having legal contracts between you and the clients you work with is important. Contracts legally protect you and your business in various ways and helps in making sure that you’re properly compensated for the work that you do.

What follows are a few tips you should keep in mind when you’re drafting your contracts for your design services.

Though we’ve focused on the needs of designers, these tips are also applicable to a wide range of professions (especially creative services professions).